May 24, 2024

3 Factors Driving the Surge in I&M Bank Personal Accounts

3 Factors Driving the Surge in I&M Bank Personal Accounts

I&M Bank Ltd Kenya has emerged as a leader in attracting new customers, doubling its personal accounts in 2023. The bank added a staggering 68,666 accounts, compared to 33,359 in 2022, bringing the total number of personal accounts to 326,054 by the end of December.

This significant growth can be attributed to several key strategies implemented by the bank:

Eliminating Transaction Fees

In February 2023, I&M Bank took a bold step by permanently waiving transaction fees for transfers involving its digital platform I&M On The Go, with M-PESA and Airtel Money.

This move made I&M the first Kenyan bank to offer zero fees for such transactions, typically ranging from Sh10 to Sh65.

This strategic decision resonated with customers, particularly during challenging economic times. Not only did it save them money, but it also encouraged them to adopt mobile transactions, a trend rapidly gaining traction in Kenya.

The elimination of fees also opened doors for the bank to expand its business lines, including loan disbursements through mobile money platforms.

As Michael Mwangi, I&M Bank’s General Manager for Digital Business, rightly stated, this initiative aimed to “help customers during difficult economic times and encourage more customers to use mobile transactions.”

Prioritizing Customer Centricity

I&M Bank doesn’t just offer competitive rates; it also prioritizes understanding and catering to its customers’ evolving needs. A prime example of this is the Solo Biz business account.

The Solo Biz business account has a flat monthly fee that unlocks a range of benefits. You can open the account with a minimum deposit of Kes 1,000 and there’s no need to maintain a minimum balance.

While the account itself has no monthly maintenance fee, there is a Kes 30 ledger fee for transactions done outside the bank’s channels.

An I&M debit card comes free with the account, although there’s a Kes 500 fee for replacing a lost or damaged card and renewals every few years. Cash withdrawals at I&M ATMs are free, but there may be charges for withdrawals at other banks’ ATMs.

Cheques are available for a fee per leaf, while transfers within i&m bank and to M-PESA mobile money are free.

Over-the-counter withdrawals incur a Kes 250 charge, and online transactions are subject to the bank’s general tariff.

The Club Account goes beyond basic transactions by offering additional perks like free setup of standing orders, electronic statements, daily transaction notifications, access to relationship managers, and personalized rewards programs.

It even provides access to professional networking forums and a service guarantee that compensates you in case of failed RTGS or SWIFT transfers (terms and conditions apply).

Branch Expansion

As digital banking evolves, i & m bank still recognizes the continued importance of physical branches. This is especially for those who are not comfortable banking by phone or in geographically isolated locations.

The bank plans to open more than 20 new branches by 2024. This expansion strategy is not only targeting major cities like Nairobi but also the Coast Region, Naivasha and Kiambu District.

This strategic partnership plays an important role for i&m bank in providing financial inclusion in Kenya, bringing vital banking services to those who may not have had access before.

Furthermore, the physical branches provide a valuable touchpoint for those who prefer face-to-face interaction and personalized financial advice.

I&M Bank Kenya has a wide option of personal accounts, including savings accounts, ideal for building wealth or saving for specific goals.

Within savings accounts, they offer fixed deposits in both Kenyan Shillings and foreign currencies, and a Flexi Deposit Builder for automated, interest-bearing savings.

They also have a Young Savers account to cultivate saving habits in children, an i&m savers account for general saving purposes, and a Mygoalz account specifically designed for saving towards larger expenses.

I&M Bank also offers a Club Account with a flat fee providing access to perks like free ATM withdrawals and various transfer options.

Additionally, I&M Bank caters to a wide range of financial goals and preferences. With services such as mobile banking, the i&m bank paybill number (542 542), and i&m bank ussd code (*458#) for convenient transactions, i & m bank ensures ease of access and customer satisfaction.

For inquiries or assistance, reach out through the i&m bank contacts (+254 719 088 000, +254 20 322 1000) to contact the i&m bank customer care service.

Additionally, the i&m bank swift code (IMBLKENA XXX) and i&m bank code (57) facilitate seamless international and domestic transactions.